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by Mike Caswell

The Canadian Investment Regulatory Organization has found two former employees of PFSL Investments Canada Ltd. liable for conflict of interest violations after they personally received $1-million from an elderly client. The money represented all of the client's investments, according to CIRO. The employees, one of which had a negative account balance before receiving the money, used some of the cash to pay personal loans and credit card debt, CIRO says.

The findings are contained in a decision that CIRO released on Monday, May 11. They apply to Paul Vincent Ongcapin Encarnacion and Mari Sophia Mendoza Encarnacion, a couple who worked at a branch in Mississauga. Mr. Encarnacion served as the branch manager while Mrs. Encarnacion was a registered representative.

The events at issue, as described by CIRO, occurred in the accounts of an 85-year-old client only identified as "PK." Mr. Encarnacion had known PK since 2007 or 2008 and PK became a client in 2013 when he retired, the decision states. At the time of the misconduct, which occurred in 2023, PK was living in a retirement home, CIRO says.

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